Bloomberg cancels its new wealth management product

July 25 (Reuters) - Bloomberg LP is canceling its new wealth
management service, BloombergBlack, before it hits the market.

For $100 a month, the service was expected to cater to
individuals looking to track their investment portfolios -
including mutual fund holdings, 401K retirement plans and
college savings plans.

The project offered customers the opportunity to manage
their portfolios held with retail brokerages and investment
firms in one place, according to BloombergBlack's website.

"We weighed the future prospects of the business against the
ongoing resource investment and concluded that it wasn't in our
best interest to continue moving forward," said a Bloomberg
spokesman. "We remain optimistic about the idea and open to the
possibility of pursuing a similar business in the future."

Thomson Reuters is a competitor of
Bloomberg LP.

Business Insider first reported the news that Bloomberg Black
was canceled.